Iowa Code r. 191-15.77 - Compliance; mitigation; penalties; enforcement

(1) An insurer is responsible for compliance with this regulation. If a violation occurs, either because of the action or inaction of the insurer or its producer, the commissioner may order:

a. An insurer to take reasonably appropriate corrective action for any consumer harmed by a failure to comply with these rules by the insurer, an entity contracted to perform the insurer's supervisory duties, or by the producer;

b. A general agency, independent agency or the producer to take reasonably appropriate corrective action for any consumer harmed by the producer's violation of the rules of this division; and

c. Appropriate penalties and sanctions.

(2) Any applicable penalty under Iowa Code chapter 507B for a violation of the rules in Division V of this chapter may be reduced or eliminated if corrective action for the consumer was taken promptly after a violation was discovered or the violation was not part of a pattern or practice.

(3) The authority to enforce compliance with these rules is vested exclusively with the commissioner.

Notes

Iowa Code r. 191-15.77

ARC 7734C, IAB 3/20/24, effective 4/24/24

ARC 8934B, lAB 7/14/10, effective 1/1/11; ARC 0035C, lAB 3/7/12, effective 4/11/12 Amended by IAB June 3, 2020/Volume XLII, Number 25, effective 7/8/2020 Adopted by IAB March 20, 2024/Volume XLVI, Number 19, effective 4/24/2024